Gollum: Oh where is my precious?
Oh where is my precious?
Oh where oh where oh where oh where oh where oh where oh where oh where oh WHERE is my precious?

Frodo Baggins enters the scene. Shocked & slightly embarrassed to see Gollum in a loincloth, Frodo regains his composure & continues:

Frodo: I think I saw your precious back there!
Gollum: Back there is my precious,
Back there is my precious,
Back there oh where oh where back there back there oh where oh where back there back
THERE is my precious!

Samwise Gamgee enters the scene. Shocked & slightly embarassed to see Gollum in a loincloth, Sam regains his composure & asks:

Sam: Why’d you need the one ring you’re already too old!

Gollum is horrified! Too old? What could this mean? What will become of him? What will become of his precious?

Gollum: Too old for my precious,
Too old for my precious,
Too old back there oh where back there too old back there oh where back there too OLD
For my precious!

Bilbo enters the scene. Shocked & slightly embarrassed to see Gollum in a loincloth, Bilbo regains his composure & confesses:

Bilbo: Gollum, that old precious of yours? Well, you always use it, but don’t really need it so, well, I’m sorry, I didn’t know, but I gave it to Smeagol, ‘cos he’s nicer than you.

Feeling a deep sense of personal loss Gollum laments:

Gollum: Not fair, oh my precious,
Not fair, oh my precious,
Not fair oh where back there too old not fair back there oh where too old not FAIR
Oh my precious…

Suddenly, Smeagol enters the scene. Himself in a loincloth both Smeagol & Gollum are shocked & slightly embarrassed at the sight of…each other. Smeagol regains his composure & says:

Smeagol: Thanks for the precious.

Yes, good has been done here. Gollum feels happier but still feeling an emotional attachment to the precious shouts after Smeagol:

Gollum: Take care of my precious,
Take care of my precious,
Take care back there too old oh where not fair back there oh where not fair take CARE
Of my precious.

Fish are thrown at Gollum (instead of roses) & cheering & applause is heard. As Gollum is bowing he hears:

Smeagol: *In the distance* LOST! MY PRECIOUS IS LOST!!
Gollum: Damn it.